In order to enhance data security and further enhance its capabilities to mitigate against risk of fraud,
NetGuardians' solution - NG|Screener- is an intelligent behavioral alerting solution which continuously monitors and analyzes banking activities and transactions.
According to Mr. JoËl Winteregg, NetGuardians' founder and CEO, NetGuardians uses smart behavioural analysis methods to design theNG|Screener which quickly identifies atypical activity, effectively controls data leaks and alerts about potential fraud.
"Every day, your information system is subjected to thousands of threats - fraud, data theft, information leaks, and more. In today's world, where the risks of malicious activity are multiplying, NG|Screener is your greatest ally," said Winteregg, adding that the software is packaged for the banking sector and can also be easily configured for any field of activity. Based on detailed behavioural analyses, the NG|Screener filters the bank's data and sends out alerts whenever potential risks are spotted. With these alerts and regular reporting, the bank is protected from fraud and data theft while operations run smoothly thereby ensuring compliance with business standards. "As the threat posed by fraudsters increases, we at CBA continue to invest in solutions that ensure all financial transactions made by our customers are safe and secure. By partnering with NetGuardians, we have been able to enhance our information monitoring capabilities to raise proactive alerts and reports depending on critical triggers," said Moses Abwoga, CBA's Head of Information Technology.
More than 90 per cent of respondents said that their organisations have been hit by fraud. Banks in
The PwC report however notes that many medium and large-sized organisations have now incorporated risk management functions to help identify and address fraud, with the functions devoting significant effort and resources to address internal, financial, environmental, political, economic and commercial risks.
"Even so, companies that are growing in size and complexity and implementing multiple technology-based systems are at risk of fraud. At some financial institutions, top management has delegated detailed supervision to middle management and operational clerks. Internal risk management systems are losing ground to highly-networked, sophisticated fraudsters," adds the report.
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